In a Senate Banking Commitee press conference this past Wednesday, Federal Reserve Chair Jerome Powell clarified in response to a question on whether a potential Fed CBDC would preclude the existence of privately-issued stablecoins, to which Powell responded “No, not at all.” Letting stablecoins coexist and compete against a Fed digital dollar has big implications. …
Yearly archives: 2022
IMF fears spillovers between crypto and equity markets, questions the “light touch” regulatory approach
The International Monetary Fund (IMF), recently warned about a growing connection between crypto and equity markets that pose risks to financial stability. In its recent report, the international body estimated the potential for spillovers between crypto and equity markets in the US and in emerging markets–analyzing daily data on price volatility and returns. “Cryptic” connections …
Footprint Analytics: Rapid Expansion of the Stablecoin Market | Annual Report 2021
The second thing most people do after entering the world of blockchain, after buying BTC or ETH, is getting some Tether or USDC. As a bridge between the real world and Web 3.0, stablecoins play an incredibly important role in the functioning of the blockchain. According to Footprint Analytics, USDC, a US dollar stablecoin, surpassed …
Cardano founder says delays are just the nature of the game
Input Output (IO) CEO Charles Hoskinson is pleased with Cardano’s progress to date. Speaking with Dan Gambardello from the Crypto Capital Venture YouTube channel, Hoskinson said people are too focused on the micro picture. He added that this perspective doesn’t take into account achievements made to date, nor does it give leeway for bumps in …
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Kim Kardashian, Floyd Mayweather Sued for Inappropriately Promoting Cryptocurrency Token
Reality TV star Kim Kardashian and boxing legend Floyd Mayweather Jr. are facing a class-action lawsuit over their promotion of Ethereummax and the EMAX cryptocurrency token. The celebrities’ “improper promotional activities generated the trading volume needed for all the defendants to offload their EMAX tokens onto unsuspecting investors,” the lawsuit alleges. Kim Kardashian and Floyd …
NFT Market Looksrare Surpasses Opensea’s 24-Hour Sales With $385 Million in Volume
A new non-fungible token (NFT) marketplace called Looksrare has surpassed Opensea in terms of daily volume on Wednesday. Statistics show 3,264 Looksrare traders have executed $385.39 million in sales during the last day, as the marketplace has seen a 1,461% increase in daily volume. Looksrare NFT Market Captures Number 1 Position in Terms of Daily …
Soldex, Solana-built Decentralized Exchange Partners with Larix Protocol
sponsored The growth of the cryptocurrency industry has raised many concerns. They range from security and scalability, on-boarding newbies, trust-less custody and order matching on exchanges to overall user experience, and to achieve mass adoption of cryptocurrency, there’s a need for third generational exchanges to resolve these issues. Cryptocurrency and blockchain technology keeps evolving and …
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US lawmaker proposes bill aimed at limiting Fed’s ability to issue CBDC
Minnesota Representative Tom Emmer has announced he will be introducing a bill intended to prevent the Federal Reserve from acting as a retail bank in the potential issuance of a digital dollar. In a Wednesday announcement, Emmer said the bill would prohibit the Fed from issuing a central bank digital currency, or CBDC, directly to U.S. …
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Bitcoin shoots to $44,000 as US inflation hits 7.8% in December
The latest figures from the United States Bureau of Labor Statistics show that the Consumer Price Index (CPI) hit 7% in December 2021. Bitcoin (BTC) was volatile prior to the announcement, fluctuating by over $2,000 from lows of $41,000 to $43,000 on Wednesday. Upon release of the figures, the price continued its upward climb, touching …
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Owner of Russian bank Tinkoff acquires Swiss digital asset firm
TCS Group, the owner of the major private Russian bank Tinkoff, is gaining exposure to digital assets. The firm has invested in Swiss digital asset service provider Aximetria, which is set to become the company’s first major crypto-related outfit, local news agency The Bell reported Wednesday. Citing data from Aximetria, the report suggests that TCS …
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Hong Kong Monetary Authority aims to oversee stablecoin reserves
Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), wants to supervise stablecoin issuance and reserves management. HKMA published a discussion paper on Jan. 12 regarding cryptocurrencies and stablecoins, in which it provided its views on how the industry should be regulated in Hong Kong. In the 34-page long consultation document, the HKMA paid special …
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Jack Dorsey launches the Bitcoin Legal Defense Fund for BTC developers
Jack Dorsey, the former CEO of Twitter, has been one of the most vocal advocates for Bitcoin. After leaving Twitter, Dorsey is now focused on a wide range of initiatives surrounding Bitcoin, with the latest being the launch of a fund to support the legal defence of Bitcoin developers. The new fund dubbed “Bitcoin Legal …
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Apple & Microsoft record an employee exodus to Meta
Meta, formerly Facebook, continues to focus on its metaverse plans. Recent reports show that the company is poaching employees from other tech giants such as Apple and Microsoft to support its metaverse plans. Meta is poaching employees with experience in virtual and augmented realities to ensure that rebranding to Meta is a success. Microsoft and …
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Paysafe study shows 54% of people believe crypto is the future of finance
The crypto sector has grown significantly over the past year. The influx of new crypto users has been attributed to the price growth witnessed in 2021. A recent report has revealed that most crypto users are optimistic about the further growth and adoption of cryptocurrencies. Paysafe, a payment processing company, released a report dubbed “Inside …
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US Fed Reserve chair Jerome Powell changes his stance on stablecoins
The chair of the US Federal Reserve, Jerome Powell, has shared several sentiments regarding the crypto space, hinting that a clear crypto regulatory framework for the US could soon be unveiled. During an appearance at the US Congress, Powell noted that stablecoins and a central bank digital currency (CBDC) could co-exist. Powell appeared at the …
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